The United States is known for its free-market philosophy which has helped it become the global economic superpower that it is today. The US's free-market philosophy ingrained in its national psyche will keep it from joining OPEC+. WTI Crude is $59.49; Brent is $67.17 this morning.
Crude inventories fell by 9.6 million barrels the EIA reported Wednesday, sending bullish signs to the market. Stocks of gasoline and distillates also fell, helping oil prices rally to four-month highs. WTI Crude is $59.81; Brent is $68.14 this morning.
Crude has surged nearly 30 percent this year on output cuts by the OPEC+ coalition along with American sanctions squeezing supplies from Venezuela and Iran. Meanwhile, Russia pressured the producer group to delay extending its curbs while hopes dim over a trade deal between the U.S. and China. WTI Crude is $58.39; Brent is $67.27 this morning.
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